Renewable Energy Enhancement Act of 2006

Renewable Energy Enhancement Act of 2006 - Amends the Internal Revenue Code to extend through 2015: (1) tax credits for investment in certain solar energy properties and qualified fuel cell and microturbine properties; (2) the tax credit for residential energy efficient property expenditures; and (3) tax credits for expenditures for nonbusiness geothermal heat pumps and geothermal and solar energy facilities used to produce electricity. Increases from $2,000 to $5,000 the maximum amount of the tax credit for photovoltaic and solar water heating property expenditures.

[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5296 Introduced in House (IH)]








109th CONGRESS
  2d Session
                                H. R. 5296

To amend the Internal Revenue Code of 1986 to extend certain energy tax 
                                credits.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 4, 2006

    Mr. Davis of Tennessee introduced the following bill; which was 
              referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to extend certain energy tax 
                                credits.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Renewable Energy Enhancement Act of 
2006''.

SEC. 2. EXTENSION OF ENERGY CREDIT FOR 30 PERCENT ENERGY PROPERTY.

    (a) In General.--Subclause (II) of section 48(a)(2)(A)(i) of the 
Internal Revenue Code of 1986 (relating to 30 percent energy credit) is 
amended by striking ``January 1, 2008'' and inserting ``January 1, 
2016''.
    (b) Energy Property Relating to Fiber-Optic Distributed Sunlight.--
Clause (ii) of section 48(a)(3)(A) of such Code (relating to fiber-
optic distributed sunlight) is amended by striking ``January 1, 2008'' 
and inserting ``January 1, 2016''.
    (c) Qualified Fuel Cell Property.--Subparagraph (E) of section 
48(c)(1) (relating to termination) is amended by striking ``December 
31, 2007'' and inserting ``December 31, 2015''.
    (d) Qualified Microturbine Property.--Subparagraph (E) of section 
48(c)(2) (relating to termination) is amended by striking ``December 
31, 2007'' and inserting ``December 31, 2015''.

SEC. 3. CREDIT FOR RESIDENTIAL ENERGY EFFICIENT PROPERTY.

    (a) Extension.--Subsection (g) of section 25D of the Internal 
Revenue Code of 1986 (relating to termination) is amended by striking 
``December 31, 2007'' and inserting ``December 31, 2015''.
    (b) Increase in Credit Amount Allowed for Photovoltaic and Solar 
Water Heating Property.--Subparagraphs (A) and (B) of section 25D(b)(1) 
of such Code (relating to maximum credit) are amended by striking 
``$2,000'' both places it appears and inserting ``$5,000''.

SEC. 4. EXTENSION OF CREDITS RELATING TO GEOTHERMAL ENERGY.

    (a) Nonbusiness Geothermal Heat Pumps.--Subsection (g) of section 
25C of the Internal Revenue Code of 1986 (relating to termination) is 
amended by inserting ``(December 31, 2015, in the case of property 
described in subsection (d)(2)(C)(ii) (relating to geothermal heat 
pumps))'' before the period at the end.
    (b) Electricity Produced From Geothermal Energy Facility.--Section 
45(d)(4) of such Code (defining geothermal or solar energy facility) is 
amended by striking ``January 1, 2008'' and inserting ``January 1, 
2016''.
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